In brief
- The Open Platform raised $28.5 million to close its Series A round at a $1 billion valuation.
- The firm claims it has become the first unicorn, or billion-dollar startup, within the Telegram crypto ecosystem.
- It has helped develop key TON ecosystem products like Wallet in Telegram and NFT marketplace Getgems.
The Open Platform, a developer of Telegram-based protocols and apps built on The Open Network (TON), said Thursday that it has completed its Series A funding round, raising $28.5 million at a valuation of $1 billion.
The round, led by Ribbit Capital, makes The Open Platform (TOP) the first crypto unicorn—or startup with a $1 billion valuation—in the Telegram blockchain ecosystem, the firm claimed. Pantera Capital also participated in the round.
“TOP’s combination of expertise, capital, and our deep understanding of both TON and Telegram positions us as a leading force in this ecosystem,” The Open Platform CEO Andrew Rogozov told Decrypt.
With its latest raise, the firm has now pulled in more than $70 million in total to help accelerate its mission of achieving mainstream adoption of crypto. The latest raise will be utilized to facilitate geographic expansion for the firm, primarily to the United States and Europe.
“With the support from our recently announced funding round, we’re now positioned to enter new markets and operate in more jurisdictions,” said Rogozov. “This year, our immediate focus is expanding into the U.S. and Europe.”
Rogozov said the firm’s expansion is driven by three components: product, legal, and infrastructure.
The Open Platform has developed some of the leading tooling in the TON ecosystem, including Wallet in Telegram—the first native crypto wallet within Telegram—along with the TON Connect protocol for using external apps in Telegram, the Getgems NFT marketplace, and token swap protocol STON.fi.
“On the product side, we’re scaling consumer apps that are deeply embedded into Telegram—like payments, games, and creator tools—with local market adaptation in the U.S., EU, and Asia,” he said.
The infrastructure and legal categories see the firm supporting regional builders and working with local partners to ensure compliance.
The Open Network drew a surge of participation from users last year thanks in part to the tap-to-earn gaming phenomenon, driven by games like Hamster Kombat and Notcoin.
The network established an exclusive relationship with Telegram’s messaging app earlier this year, with Telegram barring all other blockchain integrations within apps. Rogozov believes this has ultimately benefited all builders in the ecosystem.
“Telegram’s exclusive focus on TON has created a clearer ecosystem alignment, which benefits all builders in the space,” he said. “For The Open Platform, it has reinforced our strategy of developing products specifically tailored to TON and Telegram’s unique distribution capabilities.”
That strategy will be deemed successful over the next 12 months if the firm scales real adoption, he noted.
“We want to see millions of users engaging with consumer apps built on TON, directly inside Telegram,” said Rozogov.
Editor's note: This story was updated after publication to note that Pantera also invested in the round.